Introduction
When it comes to the world of forex trading, it’s crucial to proceed with a high degree of caution and skepticism. Scams have permeated this industry, and it is essential to carry out extensive research to ensure the authenticity and integrity of the broker you choose to trade with.
This review focuses on Primebitts, a broker that has been the subject of extensive debate and criticism in the online trading community.
Primebitts Details
Primebitts is an online trading broker owned by the company of the same name, Primebitts. Their headquarters can be found at 12 Kensington Gardens, Ferryhill, DL17 in the USA and 435 Ellicott St, Buffalo, NY 14203 USA.
In case of any inquiries or assistance, Primebitts’ support team is accessible through the phone number +14133849597 or via email at support@primebitts.com.
You can visit their website at primebitts.net.
It’s of great importance to proceed with care and perform thorough investigation prior to interacting with any online trading platform, including Primebitts.
To help you make an educated decision, consider checking out our in-depth reviews of two other companies we have recently examined: New Knight Group Limited and MTP Expert.
Primebitts: An Evident Scam!
Primebitts poses as a trusted platform offering a plethora of opportunities in forex, cryptocurrency and CFDs trading. It proclaims to be registered in the USA and even goes to the extent of providing a false certificate of legitimacy.
To uncover the fraudulent tactics, we’ll compare Primebitts and Nordfxtrade.com. The screenshot below shows that both websites use the same certificate, with only the company name changed to fit their respective identities.
However, upon thorough investigation, it becomes clear that this broker is not regulated by the Commodity Futures Trading Commission (CFTC) or the National Futures Association (NFA), the principal regulatory bodies in the USA. This is a major red flag, signaling potential deceitful practices.
Warning from Spain regulator and Anonymous Ownership
The credibility of Primebitts has been further marred by the issuance of a warning against it by the Spain regulator the Comisión Nacional del Mercado de Valores (CNMV). The CNMV’s warnings play a vital role in safeguarding investors, as it regularly provides alerts about companies that operate without the required authorizations.
After the CNMV blacklisted Primebitts, the company changed its domain name from primebitts.net to primebitts.com. This move seemed to be an effort to stay out of sight and avoid the negative effects of being on the blacklist.
Moreover, the information about the company’s ownership is shrouded in mystery. The broker only provides a name, without any identifying entity or details about its founders. This anonymity serves to reinforce the suspicions around the legitimacy of Primebitts.
Unrealistic Investment Returns
Another conspicuous aspect of Primebitts is its promise of staggeringly high investment returns, with daily yields reaching up to 40%. To anyone familiar with the usual returns seen in the trading world, this assertion is incredibly unrealistic and a major red flag.
Financial markets are volatile and unpredictable. While they can provide significant gains, they also come with substantial risks. The notion of a consistent, daily 40% return is impracticable due to this inherent market volatility.
No credible investment, be it in stocks, bonds, forex, or cryptocurrencies, can guarantee such high daily returns.
There’s a common adage in the investment world: “If it sounds too good to be true, it probably is.” This definitely applies in this case. Such unrealistic promises of high returns are a common tactic used by scam platforms to entice unsuspecting individuals.
It’s important to remember that high rewards are usually accompanied by high risks. Therefore, such a guarantee of huge profits with minimal risk is almost certainly deceptive.
Terms and Conditions and Website Similarities
One of the most glaring omissions in the Primebitts platform is the absence of Terms and Conditions. This document is crucial as it contains important details regarding the legal obligations and rights of both parties. Without it, users can find themselves in a precarious position without any protection or recourse should disputes arise.
Another notable concern about Primebitts is the striking similarity between its website and numerous other questionable sites. Some of these include:
| Related Websites | ||
|---|---|---|
| nordfxtrade.com | bitsfxtmarket.com | axibitts.com |
| smartbitpayfx.com | aspirecriptofx.com | digitalfxword.com |
| blueswiftinvest.com | sly-cryptomining.com | topexperttrades.com |
| dexoption.com | brazetrade.com | smartvestertrade.online |
| capitalcryptofxtrade.online | ||
Such resemblances suggest a potential network of scam websites, which further undermines the credibility of Primebitts.
Conclusion
After careful review, the evidence against Primebitts is compelling. With false claims of registration, anonymous ownership, absence of crucial documents, and an alarming similarity to a host of dubious websites, this broker raises numerous red flags.
The goal of this review is not to make decisions for the reader but to provide information to aid in making informed choices. Based on our findings, it is recommended to avoid engaging with Primebitts and instead seek out regulated, transparent, and reputable brokers for your trading needs.
Got Scammed by Primebitts?
If you have lost money with Primebitts, stay calm. It has likely happened to many others, and it its important to learn from these experiences. Do not forget that even the most cautious investors can fall victim to online fraud.
The good news is that there is help available. The team at MyChargeBack – a specialist group dedicated to helping consumers recover funds lost online – can help you.
5 Simple Steps To Get A Chargeback From Primebitts
Follow our straightforward guide to efficiently reclaim your lost funds from Primebitts with minimal hassle.
- Complete the Form: Begin by completing the form above, providing necessary details about your case. This allows the team to understand your situation with Primebitts and prepare for the consultation.
- Get A Free Consultation: Schedule a free consultation with MyChargeBack team of experts. During this consultation, they will assess your case and offer guidance on the best course of action to recover your lost funds from Primebitts.
- In-Depth Case Analysis: As you proceed with MyChargeBack, their expert team conducts an in-depth analysis of your case, identifying the optimal chargeback strategy for fund recovery based on your unique circumstances.
- Recovery Process: Their team of specialists scrutinizes your case, collects evidence, and negotiates with the involved parties to expedite the recovery of your funds. MyChargeBack team will consistently communicate with you and your bank or card issuer during the chargeback process.
- Fee Payment: Upon successful recovery of your funds lost to Primebitts, MyChargeBack charges a fee as a percentage of the reclaimed amount. If fund recovery is unsuccessful, no fees apply, except in exceptionally complex cases.
Through these five straightforward steps, MyChargeBack simplifies the fund recovery process, enabling you to reclaim your money from Primebitts with minimal inconvenience.
FAQs
Is Primebitts a legitimate broker?
Based on our analysis, Primebitts exhibits several alarming signs of being a scam, including false claims of registration and anonymous ownership. It is highly advised to exercise caution.
Is Primebitts regulated by the CFTC or NFA?
No, Primebitts is not regulated by either the CFTC or NFA.
Has any regulatory body issued a warning against Primebitts?
Yes, the CNMV has issued a warning against Primebitts.
Does Primebitts provide Terms and Conditions on their platform?
No, Primebitts does not provide a Terms and Conditions document, which is a serious omission.
Are there other websites similar to Primebitts?
Yes, numerous websites share a striking similarity to Primebitts, suggesting a potential network of scam websites.
